The Cryptocurrency XRP Briefly Became The World’s Third Largest, but What is XRP?
Bitcoin is growing at a rapid rate and remains the world’s most popular cryptocurrency. However, it is far from the only one in the market and Ripple’s XRP has seen massive growth in the past 24 hours. It briefly overtook Bitcoin Cash as the world’s third-largest cryptocurrency. However, since then it has fallen back to fourth place with a market cap of $30,087,105,498.
XRP was founded in 2012 by a company called Ripple Labs which later dropped the “Labs” from its name. XRP was meant to use blockchain technology to help speed up cross-border and international money transfers and bank settlements. Under the current system, most of these transactions use an older network called Swift. Despite its name, Swift can take several days to process a payment and involves high fees.
Ripple’s CEO, Brad Garlinghouse, believes that part of XRP’s recent growth is simply due to the maturing market as it begins to understand the value that XRP can offer over services such as Swift.
“I think a lot of this is simply the market better understanding the realities of digital assets performance (speed, throughput etc),” Garlinghouse told Business Insider. “There is – appropriately – a lot of excitement about the potential – but XRP is very uniquely positioned to actually be able to deliver on the promise.”
Despite falling from the number three spot, 2017 remains a strong year for XRP. Overall, the cryptocurrency has seen a growth rate of 2,469% this year. It’s still not as large as the next three cryptocurrencies, but given how much growth it has seen this year, it may surpass Bitcoin Cash or Etherum in 2018.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.